Trade update

ANother day another dollar, as always. THe down trend really makes any trending trade easier. The plan was to sell on any small supply on the smaller time frame chart.

Trade 1

SELL  1.30519 TP 1.30469.

Trade close + 5 pip during the EUropean open.

I was looking at the GLOBEX S& P 500 and it is in the monthly supply zone. The chances that this down trend will continue on for the next 2 months or so. But here is the Dollar index vs Eur0. It timed well on my entries.

Trade 1 close nicely with a $ 5000 profit.

Trade 2.

THis was base on the 15 min chart. Supply level at 1.30647. What I didn’t realise on this trade was that there was another supply level on top of it hence a level on top of levels. So I decided to hold out the sell and it did work out and reverse sharply.

SELL 1.30647

TP 1.30597

And it clsoe another + 5 pips. THats another $5000 .

REVIEW

What did I do best ?

Sticking to my plan and flexible on a moment change. Having my day today a full rested day, I was so focus and refresh. SO from the part of analysing  the chart to planning it all got executed with success.

What should be change or improve ?

Nothing but continue backtesting and rest a full +7 hours sleep.

What’s next ?

See you tommorow market !!

 

Account statement

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4 thoughts on “Trade update

  1. cmanfx says:

    Are these trades on demo account? as you mentioned ‘continue back testing’.

    • Haji says:

      No, those are real accounts. Backtesting I do it on Forextester software. You can find them at forextester.com. I backtest always as part of my routine exercise before trading. It something for me to test new ideas or fine tune my current system. SO I become more in tune when analysing and planning on real market conditions.

  2. cmanfx says:

    Interesting approach with impressive result. congratulations.
    Just wondering, since you aim 5 pips per trade, how many losing trades, or losing pips will have you stop for the day?

    I also notice you trade supply/demand zone off 5 min chart. I am just wondering what is your winning rate for this stratedy ? since you are hitting 5 pips as target, while around stop size is around 10/15 pips , risk reward ratio is definitely off the chart.

    I am interested to know how do you handle this aspect of trading.

  3. Haji says:

    It is base on statistic on its hit rate. It has a 90 – 95% hit rate in getting its TP with the remaining 5-10% chances of getting stop out. Normally the SL is the line above the entry with extra buffer of 5 pip. OR sometimes just a 10 pip SL. For a 10 to 15 pip SL with a high hit rate, your loss is just recoverable. As long as you are consistent with timing and patience. Best you backtest them first before committing. MY MAX loss is 10% of my total account equity. If that is reach, I am stopping my trade and probably won’t trade for the next 3 days while reviewing what and why went wrong or something to improve on.

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